Long Term Care Insurance from FDP Insurance
Long term care insurance is insurance used to help pay for nursing home costs or at home care.
Below are stats from the department of Health and Human Services For people with assets to protect from medicaid spend down or that want to pay for their care when they can not perform their natural activities of daily living, Long Term Care insurance can help pay those expenses and offset out of pocket costs depending on the daily benefit and amount of coverage-
From the site Longtermcare.gov
The duration and level of long-term care will vary from person to person and often change over time. Here are some statistics (all are “on average”) you should consider:
- Someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and supports in their remaining years
- Women need care longer (3.7 years) than men (2.2 years)
- One-third of today’s 65 year-olds may never need long-term care support, but 20 percent will need it for longer than 5 years
The table below shows that, overall, more people use long-term care services at home (and for longer) than in facilities.
Distribution and duration of long-term care services
| Type of care | Average number of years people use this type of care | Percent of people who use this type of care (%) |
|---|---|---|
| Any Services | 3 years | 69 |
| At Home | ||
| Unpaid care only | 1 year | 59 |
| Paid care | Less than 1 year | 42 |
| Any care at home | 2 years | 65 |
| In Facilities | ||
| Nursing facilities | 1 year | 35 |
| Assisted living | Less than 1 year | 13 |
| Any care in facilities | 1 year | 37 |
If you wait- you can pay nursing homes over $100,000 a year for your stay- or you can offset those costs with a Long term care policy – the cost of one month in a Nursing home could be covered with a years premium. If you have assets you want to protect for your next generation- call FDP insurance 617 680 7063